Sponsored by

Majority of self-cert cases fraudulent, says broker

  • Print
  • Comment
Natalie Holt
If the Crown Prosecution Service targeted the public as the Financial Services Authority does self-cert brokers, masses of borrowers would be convicted of fraud.

That's the message from Michael Thommes, managing director of Poole-based brokerage General Finance Centre, who says the majority of self-cert clients don't earn enough money to apply legitimately.

He adds: "They disclose income on application forms to satisfy lending criteria."

Thommes says that self-cert clients, brokers and lenders should all be penalised or no-one should. He argues that income declarations should be scrapped so no-one would have to lie, with borrowers instead considering whether they can afford repayments and signing declarations to that effect.

But Robert Winfield, managing director of Chartwell Funding, says: "There's no problem as long as clients are happy with repayments."

  • Print
  • Comment

Daily Email Updates

If you enjoyed this article, sign up to receive the latest breaking news and analysis for your industry from Mortgage Strategy.

The Money Marketing CPD Centre

Our free service includes a CPD template tailored for mortgage advisers. Log and plan your annual CPD today with The Money Marketing CPD Centre.

Have your say Edit my profile/screen name

You must sign in to make a comment


Is demand for 10-year fixed-rate products increasing?

Job of the week

Latest jobs

View all jobs